You will have $5,525.39 after 5 years.
Because the interest is compounded monthly, you need to convert the interest rate and the term of investment to a monthly basis.
Monthly interest = 2% / 12 = 2/12%
Term of investment = 5 x 12 = 60 months
To find the amount you will have in 5 years, use the formula:
<em>Future value = Amount * ( 1 + interest) ^ term of investment </em>
= 5,000 x ( 1 + 2/12%)⁶⁰
= $5,525.39
In conclusion, your investment will have compounded to $5,525.39 in 5 years.
<em>Find out more at brainly.com/question/3473483.</em>
